首席点评：小非农有所改善，美股持续回落

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The US stock market continues to decline despite an improvement in the "small non - farm" data. The international economic and trade order is impacted by high tariffs and other barriers. [1] - The stock index market is expected to maintain a long - term slow - bull trend. The technology sector is a long - term focus. The domestic glass and纯碱 markets are in a process of inventory digestion, and the crude oil market has a downward trend. [2][3] 3. Summary by Category A. Main News - International News: Trump claims to have selected the next Fed Chair candidate, and the short - listed candidates include current Fed governors Waller and Bowman, former Fed governor Warsh, White House National Economic Council Director Hassett, and BlackRock executive Reid. [6] - Domestic News: In October, the unemployment rates of the non - student urban labor force aged 16 - 24, 25 - 29, and 30 - 59 are 17.3%, 7.2%, and 3.8% respectively. [1][7] - Industry News: After Beijing, Shanghai, Xiamen, Guangzhou, and Tianjin, Nanjing and Suzhou in Jiangsu Province will carry out real - estate trust property registration pilot projects. [8] B. Performance of Key Varieties - Stock Index: US indices decline. The domestic stock index market had a correction, with the media and computer sectors leading the rise, and coal and power equipment sectors leading the fall. The trading volume was 1.95 trillion yuan. The technology sector is a long - term direction, and the market is expected to maintain a long - term slow - bull trend. [2][11] - Glass and Soda Ash: Glass futures remain weak, with last week's inventory at 5962 million heavy cases, a week - on - week decrease of 54 million heavy cases. Soda ash futures slightly decline, with last week's inventory at 154.1 tons, a week - on - week decrease of 0.8 tons. Both are in the process of inventory digestion. [2][17] - Crude Oil: SC night trading rises 0.74%. An attack on a port in Russia causes it to suspend oil exports, equivalent to 2% of global supply. US refined oil demand is lower than last year, and the number of online drilling rigs shows a long - term downward trend. [3][13] C. Morning Comments on Main Varieties - Financial Products - Stock Index: The long - term trend is positive, with a focus on the technology sector. The domestic liquidity environment is expected to be loose, and external funds may flow in. [2][11] - Treasury Bonds: Treasury bonds rise slightly. The central bank's open - market operations and the economic situation at home and abroad affect the bond market. The market liquidity is expected to be reasonably abundant. [12] - Energy and Chemical Products - Crude Oil: The downward trend is difficult to reverse, affected by supply and demand factors. [3][13] - Methanol: It rises slightly at night. The inventory is accumulating, and the short - term trend is weak. [14] - Rubber: It is expected to continue to rebound in the short term, affected by supply and demand and weather conditions. [15] - Polyolefins: Futures decline. The downstream demand is stable, but the market sentiment is affected by the overall market. It may continue to fluctuate at a low level. [16] - Metals - Copper: The price rises at night. The supply of concentrates is tight, and the long - term price may be supported by the supply - demand gap. [19] - Zinc: The price rises at night. The supply of concentrates is temporarily tight, and the price may fluctuate within a range. [20] - Black Products - Coking Coal and Coke: The short - term trend may correct, depending on factors such as supply, steel de - stocking speed, and iron - water production. [21] - Agricultural Products - Protein Meal: It adjusts weakly at night. The US soybean production and inventory data are mixed, and the domestic market is in a loose pattern. [22] - Oils and Fats: They run strongly at night. The palm oil market has different supply - demand situations, and the soybean oil is supported. The rapeseed oil may fluctuate. [23] - Sugar: The international sugar price is expected to decline, while the domestic market may fluctuate within a range. [24][25] - Cotton: The price is weak. The supply is increasing, and the downstream demand is weak. [26] - Shipping Index - Container Shipping to Europe: The price fluctuates and declines. The price support in November is uncertain, and the 02 contract has limited upward space. [27]